Gold Prices Dip on Thursday, Feb. 2


In precious metals futures trading on Thursday, gold declined while silver, platinum and palladium gained.

Gold for April delivery lost $12, or 0.6%, to settle at $1,930.80 an ounce on the Comex division of the New York Mercantile Exchange.

"Technically, April gold futures prices hit a nine-month high early on today and then reversed course to score a bearish ‘outside day’ down on the daily bar chart. Bulls still have the solid overall near-term technical advantage. A three-month-old uptrend is in place on the daily bar chart. Bulls’ next upside price objective is to produce a close above solid resistance at $2,000.00," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.

Gold futures traded between $1,925.60 and $1,975.20. They dipped 0.1% on Wednesday, they rose 0.3% on Tuesday, marking their highest settlement since April 21 and logging a 6.5% gain in January, and they slipped 0.3% on Monday.

Silver for March delivery inched up a bit more than a half cent, or 0.03 %, to close at $23.615 an ounce. Silver futures traded between $23.49 and $24.75. They shed 1% on Wednesday, they climbed 0.4% on Tuesday, registering a decline in January of 0.9%, and they edged 0.5% higher on Monday.

In other precious metals prices on Thursday:

  • April platinum surged $30.90, or 3.1%, to $1,032.60 an ounce, ranging from $1,012 to $1,046.70.

  • Palladium for March delivery added $10, or 0.6%, to $1,642.60 an ounce, trading between $1,628.50 and $1,688.

US Mint Bullion Sales in 2023

Published United States Mint bullion sales were unchanged on Thursday. Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of coins sold during varying periods.

US Mint Bullion Sales (# of coins)
Last Week This Week January Sales February
$50 American Eagle 1 Oz Gold Coin 3,500 13,500 118,000 0
$25 American Eagle 1/2 Oz Gold Coin 0 2,000 37,000 0
$10 American Eagle 1/4 Oz Gold Coin 0 10,000 62,000 0
$5 American Eagle 1/10 Oz Gold Coin 0 0 115,000 0
$50 American Buffalo 1 Oz Gold Coin 9,000 5,500 59,000 0
$1 American Eagle 1 Oz Silver Coin 0 0 3,949,000 0
$100 American Eagle 1 Oz Platinum Coin 0 0 0 0
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Kaiser Wilhelm

Gold lost and settled, silver inched up, platinum surged, palladium added. Oh, how I do love the descriptive verbs used for the price movements of the precious metals.